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Intesa Sanpaolo, owner of Egyptian bank Bank of Alexandria, was recently named Best Italian Bank of 2013 US-based magazine Global Finance.
Concurrently, Moody's lowered the baseline credit assessments of Bank of Alexandria and Commercial International Bank, to c1 from b3, and downgraded all banks' foreign-currency deposit ratings to C2 from C1.
EFG-Hermes' Bank of Alexandria Fixed Income Fund, which El Bawab manages, has returned 2.
The five banks affected by Moody's cuts were the National Bank of Egypt, Banque Misr, Banque du Caire, Commercial International Bank and Bank of Alexandria.
3 bln), while Bank of Alexandria had total assets of EGP 34.
35 million held by Red River Bank of Alexandria, La.
uk Bank of Alexandria 2 Money Market Fund has been leading the market in a three-year performance assessment.
Following the successful sale of the Bank of Alexandria at the end of last year, the government was determined to press ahead with tenders for the remaining state owned banks.